Vix Munro is a financial advisor and expert who joined us on our IG Live Spotlight series to discuss building wealth and wealth management. Discussing money and financial gain can sometimes be an uncomfortable topic, but it is crucial and should be talked about at a younger age! Building wealth is achievable for everyone when you set your own pace and goals!
Taking control of your finances, investments and wealth are essential, and it can be an empowering step in your personal life! Vix points out the need for financial empowerment for women that can overall help level the playing field and close the gender pay gap.
Here are Vix’s Top Tips For Building Wealth for your Future:
Take charge and educate yourself on the various levels of personal finance and investments. People often shy away because it might seem overwhelming, but it isn’t rocket science – take baby steps and start now!
Start Saving Money and Investing Now!
Begin today, no matter the amount you can set aside to invest or the step you take to sort your finances – START NOW! Vix highlights the value of compound interest because, in its simplest definition, it’s earning interest on top of your interest, but that can’t start if you don’t do it right now!
Sometimes debt is not a bad thing, such as real estate investments and leveraging good debt. Good debt has an asset attached to it, such as the houses you might buy and have a mortgage on it.
Good Spending and Making More Money
Think about ways you can up your income, whether that’s asking for a pay raise at your current company or setting time aside for a side hustle. As a business owner, think about how you can add to your existing products and services to increase profit.
Think about profit increase and where you can cut spending (without cutting joys out of your life). It’s more about rethinking expenditures and focusing on what you love to do and what brings you joy versus unnecessary spending.
Have An Emergency Fund
Vix Munro recommends having six months of savings set aside for emergency situations. We also touch upon the need for multiple sources of income, something the pandemic made clear.
Listen to the full IG Live Interview HERE!